The end of your marriage signals changes in almost every area of your life, and your estate plans are no exception. While you are in the midst of stressful decisions and negotiations over important issues, it is easy to forget to protect yourself by adjusting your will, power of attorney and other legal documents.
Until your divorce is final, your spouse is still your spouse, which means he or she could be in charge of your estate and medical decisions in case you pass away or are unable to make decisions for yourself. Regardless of how you feel about your soon-to-be-ex-spouse, adjusting your estate plan can reduce complications and protect your interests in case of an unexpected situation.
What needs to be changed?
If you die without a will, it can be extremely complicated for your loved ones to protect your California estate. You know the benefit of having these plans in place, but it is easy to forget to keep these plans current and updated. An outdated will can be as ineffective as having no will at all.
Thinking about estate planning while in the midst of a divorce can be an overwhelming prospect, but fortunately, you may be able to protect yourself and your loved ones with a few simple adjustments. If you already have a plan in place, it should match your current situation, even if your divorce is not yet final. The following may need adjusting:
- Beneficiaries in your will
- Designated trustees
- Who has the right to make medical decisions on your behalf
- The care of your children in case of your unexpected death
- How your money will be distributed
When divorce is imminent, it is time to adjust your will and power of attorney as soon as possible. As this can be difficult to do in the midst of an ongoing divorce, you will find it useful to seek the guidance of an attorney who understands how family law and estate planning can overlap.
It is not hard to protect your interests
Fortunately, the necessary adjustments that you need to make are not complicated, but it is necessary to act quickly. Adequately protecting yourself and your children goes beyond a beneficial child custody and visitation plan. Your efforts should also include security and financial protection in case something happens to you. With a few simple steps, you can have peace of mind regarding your estate, even in the midst of the complex process of divorce.